TORONTO, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, OTC: EVGUF, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to report that a detailed Plan of Operations has been approved, and a drill permit received, for its road-accessible Rockland gold-silver property, located in the Walker Lane trend of western Nevada (Figure 1). The permit approves 33 drill sites and up to 165 drill holes in the eastern half of the property, covering the 800 metre long Rockland East gold zone and nearby targets (Figures 2 and 3) which, along with the minimum 900X1500 metre area of exposed and altered rocks near the upper limit of the Mason Valley pediment, is believed to represent the upper levels of a high-grade epithermal vein system preserved as a result of down-dropping on range-front faults. As cited below, impressively long intercepts were delivered by the historical discovery holes into the Rockland East gold zone, with key holes stopping in their best mineralization, and highest grades, only due to a shortage of drill steel.

Exploration in the Walker Lane is surging, stemming in part from AngloGold Ashanti’s (AGA) exciting new ‘Silicon’ gold discovery near Beatty, now hosting more than 3 million ounces of gold and 14 million ounces of silver. In addition to the Silicon discovery, in 2022 AGA also purchased Corvus Gold for an effective enterprise value of US$459 million, acquired the Sterling project from Coeur Mining for up to US$200 million, and noted that its Walker Lane assets “are expected to yield more than 300,000 ounces of gold annually over more than a decade at a tier one cost structure.” In addition to AGA, other senior gold producers are active in the Walker Lane trend including Newcrest, Centerra, Barrick, Hecla and Coeur, highlighting the prospectivity and renewed attention to this under-explored district and the desirability of quality epithermal projects like Rockland.

“The granting of a drill permit for Rockland East is a major catalyst to our plans and we are excited to be able to move forward in evaluating key targets,” said Kevin Keough, President & CEO. “We have steadily advanced the project over the past 24 months and can now test what we believe to be one of the best drill-ready projects in the Walker Lane. Rockland East presents an excellent opportunity to explore for high-quality, high-margin ounces, and we’re very much looking forward to executing our drill plan, possibly with the assistance of a partner.”